FinTech: Revolut Prepping For India Launch; Hires Country Lead
Revolut also plans to hire 300 employees at its Indian subsidiary.
Global fintech and challenger bank Revolut is planning to set up shop in India and has appointed Paroma Chatterjee, previously of Lendingkart, Via.com, Flipkart, and Airtel Money, as its CEO for the Indian venture. Chatterjee was named as one of the Top 25 Women Leaders in Financial Technology of Asia for 2020. (Business Leader)
As part of its India plans, Revolut will also hire 300 persons at its Indian subsidiary, which will also double up as its global operations hub.
By 2022, Revolut hopes to launch its app for India and is planning to invest as much as $25 million over the next five years.
The importance of India
“We’re looking forward to transforming the way people in India access and manage their money as we bring our products and services to more people around the world,” said Revolut CEO and co-founder Nik Storonsky.
“India is a core market in our expansion strategy with a huge supply of talent, and we’re excited to tap into that talent pool to help Revolut go from strength to strength.”
Revolut is in the midst of a wide-ranging global expansion. Its plans will perhaps hinge on a massive fundraising effort that could value the fintech at $10 billion, according to Sky News.
The equity raise may take place after the summer and FT Partners, the US-based fintech-focused investment bank, is likely to act as an advisor to the issue.
Revolut launched in the U.S. last year. Last month, it filed a draft application for a banking charter with the Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation.
In Europe, Revolut officially launched last month as a bank in ten European countries, ramping off its Lithuanian banking license. It offered protected deposit accounts in Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia, and Slovenia.
It rolled out a full-fledged Lithuanian bank last May.
In January, the neobank submitted an application to the U.K.’s Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) for a banking license. According to estimates, a full banking license would help lift its deposits in the country by a potential 50%.
However, Revolut’s Canada foray proved a damp squib. It recently decided to exit the country when its two-year effort sans a banking license turned out unsuccessful.
As the India CEO, Chatterjee will build and lead Revolut’s subsidiary in India, define and implement the business strategy, hire the team and manage license applications and any potential acquisitions in the market.
“I look forward to building an exceptionally talented team and working with them, as we continue to develop superlative financial solutions for millions of consumers in India,” said Chatterjee. “We will build the bank of the future.”
Related Story: Revolut Applies For U.S. Banking Charter
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